State regulators will likely put more effort into enforcing fair lending laws, even as the CFPB continues to reassess the use of the disparate-impact theory under the Equal Credit Opportunity Act.
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Sen. Sherrod Brown, D-OH, recently released a staff report accusing Acting CFPB Director Mick Mulvaney of undermining the agency’s mission to protect American consumers.
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Since taking the reins of the CFPB last year, Acting Director Mick Mulvaney has changed its course. In a recent speech, the agency’s second in command, Acting Deputy Director Brian Johnson, explained how the current leadership defines consumer protection and principles behind its actions.
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The CFPB is seeking an assistant director to head the office of cost-benefit analysis, indicating that the agency going forward would focus on the economic implication of its activities.
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Seth Frotman, the former student loan ombudsman who dramatically quit the CFPB in August, has launched his own initiative to help solve the student debt crisis.
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Changing the name of the CFPB seems a small step, but it could cost financial institutions roughly $300 million to make behind-the-scenes changes, according to an internal CFPB document.
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The CFPB last week released a fair lending report covering the agency’s activity in 2017. The report generally summarized the bureau’s past fair lending efforts and laid out its priorities.
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The CFPB last week ordered State Farm Bank, a federal savings association in Bloomington, IL, to stop illegal credit reporting practices, without imposing a fine for its wrongdoings.
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CFPB Releases 2018 Financial Literacy Annual Report; Former CFPB Deputy Director Raj Date Joins a Fintech Company; Rep. Patrick McHenry Elected Top GOP Member of House Financial Services Committee.
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